Made.com set for £1bn London IPO
Posted on June 1, 2021 by Jonathan Symcox
Online furniture retailer Made.com has confirmed plans to float on the London Stock Exchange this month.
The London-headquartered company, which is yet to set a price for the float, will join the main market for listed securities.
Co-founded by entrepreneur Brent Hoberman, founder of Lastminute.com, in 2010, the business intends to raise £100 million in an IPO which will see some existing investors sell shares.
According to The Guardian, around 600 staff will be able to sell shares worth more than 5% of the company, or £50m.
The firm saw a 30% increase in sales last year to £315m, but made a loss of just over £5m. In the first three months of 2021, sales rose 63%.
Made.com has expanded its product offering to include homewares and lifestyle, with more categories in the pipeline.
As well as the UK site, it operates in seven markets in mainland Europe including France and Spain. It plans to launch in further territories.
“I am pleased to announce our confirmed intention to list here in London, where MADE was born,” said CEO Philippe Chainieux.
“Over the last 11 years, MADE has been revolutionising the home and living sector by providing our customers across Europe with a curated range of high-quality, responsibly made, affordable products, underpinned by exclusive designs.
“The business is fast growing, with a proven brand and customer proposition that travels well. We are excited to embark on our next chapter as we act on the huge opportunity for growth and deliver on our vision to become the leading home-lifestyle destination in Europe for the digital native.”